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Allen Company acquired 1 0 0 percent of Bradford Company's voting stock on January 1 , 2 0 2 0 , by issuing 1 0

Allen Company acquired 100 percent of Bradford Company's voting stock on January 1,2020, by issuing 10,000 shares of its $10 par value common stock (having a fair value of $15.50 per share). As of that date, Bradford had stockholders' equity totaling $112,500. Land shown on Bradford's accounting records was undervalued by $11,500. Equipment (with a five-year remaining life) was undervalued by $9,000. A secret formula developed by Bradford was appraised at $22,000 with an estimated life of 20 years.
The following are the separate financial statements for the two companies for the year ending December 31,2024. There were no intra-entity payables on that date. Credit balances are indicated by parentheses.
\table[[Accounts,Allen Company,\table[[Bradford],[Company]]],[Revenues,$(635,000),(191,250)$
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